SPIRO T. AGNEW, Governor                       763

OF; and to repeal and re-enact, with amendments, Section 324(f),
325, 326(a), and 326(n) of said Article (1965 Replacement Volume
and 1967 Supplement), and title, subtitle "Retail Sales Tax Act,"
subheading "In General"; and to add new Sections 324(s), 324(t),
326(aa), 326(bb), and 326 (cc) to said Article (1965 Replace-
ment Volume and 1967 Supplement), title, subtitle, and subhead-
ing, new Sections 324(s) and 324(t) to follow immediately after
Section 324(r) thereof, and new Sections 326(aa), 326(bb), and
326(cc) to follow immediately after Section 326(z) thereof; and
to add new Sections 372(r) and 372(s) to said Article (1965
Replacement Volume) and title, subtitle "Maryland Use Tax," sub-
heading "In General," to follow immediately after Section 372(q)
thereof; and to repeal and re-enact, with amendments, Section
373 of TO ADD NEW SECTION 373 (F) TO said Article, title, sub-
title, and subheading, TO FOLLOW IMMEDIATELY AFTER
SECTION 373(E) THEREOF; generally revising the laws of
Maryland relating to CONCERNING taxation, AS IT RELATES
TO State and local finances, and certain State aid programs; rede-
fining the nature of the State Aid for Police Protection Fund;
repealing the existing schedule of distribution of said Fund to sub-
divisions and municipalities and substituting a new formula based
on expenditures, wealth, and population factors; prescribing com-
putation of amounts, duties of subdivisions, and powers and duties
of the Superintendent of the Department of Maryland State Police
in connection with said Fund and providing generally therefor; re-
quiring all counties to pay an annual amount to incorporated mu-
nicipalities based on apportionment of taxes on shares of stock
in fiscal 1967-68; changing the allocation of salaries and expenses
of the Department of Maryland State Police and of the State Police
Retirement System to be paid respectively from receipts of the
Department of Motor Vehicles and from general funds of the
State; repealing the provision of an amount for Baltimore City
only to be added to the State share of current expenses for public
education, and substituting therefor and providing generally for
an addition to said State share based on pupil enrollment for
subdivisions with a certain population density; repealing the re-
quirement known as the "special incentive provision for growing
school systems" of an annual extra budget appropriation to sup-
port school construction in subdivisions where school population
is increasing; defining "financial institutions" and repealing the
tax on shares of stock of financial institutions, and eliminating
various references to, provisions for, and exemptions from such
tax; imposing the tax on shares of stock upon the corporations
issuing such shares, making such tax assessable to and collectible
from such corporations, and redefining residence of the equitable
owner of such shares for purposes of where such shares are sub-
ject to assessment and taxation; exempting from assessment and
taxation the personal property of financial institutions; exempt
ing personal property generally, with exception of certain operat-
ing property, from State assessment and taxation, contingent
upon adoption of a Constitution which omits certain restrictions
on legislative power to create State debt; changing the rate and
base used in the computation of the State grant to subdivisions
calculated as a proportion of the State property tax collected
therein, and establishing and providing generally, an additional
CERTAIN ADDITIONS TO THE State grant to subdivisions to fee